Should I Buy or Lease?

Is it time to drive a new vehicle around East Hills and the surrounding areas? Should you buy or lease a car? Plenty of drivers wonder this exact thing before obtaining a new vehicle. To help you make a decision you are happy with, review our leasing vs. buying guide! We compare leasing and buying a car so you have a solid idea of what to expect from either option. Our team will assist whenever you are ready to move forward with the buying or leasing process in Long Island City, and we are always here to answer your questions!

Leasing vs. Buying a Vehicle

So, should you buy or lease a car? Leasing a car in Bayside and beyond is similar to renting a car for a long-term contract period. During this contract, you’ll be locked into monthly payments for a specific amount of time. You won’t build equity as you would from outright buying the vehicle. You’ll be paying for the ability to use a car for a specific set of months and the mileage agreed upon between you and the dealership. When the car lease is up, you can trade your vehicle in and replace one leased vehicle with a new one, buy the vehicle, or end your lease.

Pros and Cons of Leasing a Car

Pros:

• Lower Monthly Payments: You’ll have smaller down payments in general when you decide to lease a car in Long Island City.
• Worry-Free Maintenance: Many vehicles will come with a three-year lease. As a result, most repairs will be covered within the terms of an existing lease.
• No Worries About Resale: When you’re leasing, you’ll just return the car. If you do exceed the agreed mileage, or there’s some wear and tear, you might have some fees to pay.
• Get a New Car Every Few Years: You can return your car every couple of years, so you’ll get the latest vehicles and newest tech every so often.

Cons: 

• Mileage Requirements: If you exceed the agreed-upon mileage, you’ll end up paying some fees.
• Constant Monthly Payments: You will have to maintain those monthly payments to keep your car and that’s going to be a constant during the time of the lease.

Pros and Cons of Buying a Car

Pros:

• Ownership: You will always buy the car and once you finish your monthly payments, you will own the car outright. If you want to sell it off or trade it in, you have the ability to do so.
• Customize Your Vehicles: Leases have rules regarding what can be done with your Chevrolet vehicle in Long Island City. When you own the car, you won’t have to deal with that.
• No Restrictions: Never worry about mileage rules, wear and tear, and other issues. Repairs and other services are entirely at your discretion.

Cons:

• Higher Monthly Payments: Leasing a car means lower monthly payments for the same vehicle you might consider buying.
• Rapid Depreciation: New cars can lose between 15% and 50% of their total value in the first five years.
• Larger Down Payment: If you’re trying to get approved for a loan, you’ll have to consider making a larger down payment to do so. Leasing your vehicle will mean less chance of this occurring. 

Buy or Lease Your Next Chevrolet with Major World

Have you found our guide comparing leasing and buying a car helpful? So, should you buy or lease a car? We hope you have a clear idea of what both options provide and are ready to take a test drive! Again, if you have questions at any time, please let us know. We are here to make buying or leasing a simple, stress-free process! Call (347) 274-8779 or contact us online to set up your test drive. For more helpful reads, review whether you can lease a car with bad credit and learn how to trade in a car you still owe on!